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JLP Jubilee Metals Group Plc

0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jubilee Metals Group Plc LSE:JLP London Ordinary Share GB0031852162 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.60 7.50 7.60 7.60 7.55 7.60 1,990,397 16:35:24
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 141.93M 12.91M 0.0047 16.06 206.73M

Jubilee Metals Group PLC Changes to the Board & New Dedicated Exec Boards

06/03/2024 7:00am

RNS Regulatory News

RNS Number : 7188F
Jubilee Metals Group PLC
06 March 2024

Jubilee Metals Group PLC

Registration number: 4459850

Altx share code: JBL

AIM share code: JLP

ISIN: GB0031852162

Jubilee Metals Group PLC (Jubilee or the Company)


Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.



Formation of dedicated executive boards for

South African and Zambian Operations and

Changes to the board

Jubilee, a leading diversified metals processor in Africa, with a substantial contribution to global chrome concentrate production in South Africa (SA Operations) and expanding copper operations in Zambia (Zambia Operations), is pleased to announce the formation of dedicated executive subsidiary boards to better reflect the current levels of business maturity attained by the SA and Zambia Operations and capture and implement the various growth opportunities. 


SA Operations

·    Formation of a dedicated board of directors for Jubilee's SA Operations.

·    With immediate effect, Dr Mathews Phosa will be appointed as chairperson of the holding company of Jubilee's SA Operations (SA Board) with Jubilee's current Chief Operating Officer, Bertus van der Merwe, appointed as Managing Director of the SA Board. The formation of the dedicated SA Board recognises the maturity of the SA Operations as an established cashflow generative business able to fund its growth objectives with its partners.

Zambian Operations

·    Formation of a dedicated board of directors (Zambian Board) for Jubilee's Zambian Operations through a yet to be nominated Zambian subsidiary of Jubilee.

·    The Zambian Board will include representation from Jubilee's StratCo (as announced 14 August 2023), providing experienced strategic direction to successfully implement and support the Zambian Operations in its transition to an established and self-sustained business.

·    The Zambian Board will include Jubilee's Chief Executive Officer, Leon Coetzer, as chairperson of the Zambian Board and joined by current Chief of Energy Metals, Ricus Grimbeek, as Managing Director.

·    Mr Muna Hantuba, a respected businessman offering a wealth of local industry and country knowledge will also join the Zambian Board.

·    The seniority of the Zambian Board speaks to the growth opportunities offered by copper and the metals strategic value in the future growth of Jubilee.

Statement from Leon Coetzer, Chief Executive Officer:

"Jubilee has reached an exciting inflection point in its business journey with the ability to significantly further grow its SA Operations as a recognised processor of choice, while rapidly stepping up its copper production on the back of the rollout of its secured Zambian copper projects.

The formation of the SA and Zambian Boards, establishes dedicated senior executives for each of our SA and Zambian business units, that are aligned with the respective levels of maturity reached by these business units. Each Board has a focussed mandate to deliver on expected key performance indicators.

The SA Board with Dr Mathews Phosa as chairperson and Bertus van der Merwe as Managing Director have both played a pivotal role in the success and growth of the SA Operations.  They bring together a wealth of industry expertise and regional knowledge well positioned to capitalise on the growth opportunities on offer.

Our Zambian Board, comprising a strong representation of the current Jubilee StratCo and local business leadership, will focus on driving the implementation and roll-out of our copper strategy in Zambia at a time when we look to significantly step-up our copper output on the back of the investment made to date.

It is a great honour to welcome Mr Muna Hantuba as a member to the Zambian Board. Muna is a respected figure within the local Zambian business community and comes with a wealth of local and industry experience.

The implementation of the two boards signals a new level of maturity reached by Jubilee offering greater agility in decision making to not only to seize opportunities but to also rapidly respond to changing market dynamics."

SA Operations

The SA Operations have reached a high-level of maturity, with stable, sustainable, and established business operations and a clear vision to grow organically whilst securing direct ownership of resources. In addition, the business has matured its managerial structures across operational, financial, legal, and human resources areas.

The business has established new benchmarks for performance in the industry. Management is continually evaluating opportunities for organic growth and the SA Operations are capable of self-funding future growth by leveraging their balance sheets and cashflows while delivering returns to Jubilee on the investment made during the development phases of the business.

The SA Board will oversee the strategic and operational management of the SA Operations and will comprise the following members:

·    Chairperson: Dr Mathews Phosa will remain the non-executive deputy chairperson of Jubilee but will resign, with immediate effect, as chairperson of Jubilee's remuneration committee (REMCO) to afford him the time and focus on this new role.

·    Managing director: Bertus van der Merwe

·    Executive director: Neal Reynolds, Chief Financial Officer of Jubilee and

·    Non-executive director: An external position, to be confirmed, to strengthen independent oversight

Zambian Operations

In Zambia, the formation of a dedicated board is aligned with Jubilee's focussed and strategic direction to the implementation and rollout of its copper business which includes:

·    Establishing the Sable Refinery's (Sable) operational footprint as an independent processing node underpinned by the Munkoyo resource and third-party supplies. The expansion of the copper resource base targets at Sable which, combined, offer a long-term feed supply capable of sustained operational output well in excess of 16 000t of copper per annum.

·    Establishing the Roan Concentrator's operational footprint as an independent processing node with the potential to expand the resource base to include longer-term opportunities. An expanded resource portfolio will allow Roan to sustain a production output in excess of 13 000t per annum.

·    Development of the Waste Rock project in partnership with IRH, targeting copper output in excess of 25 000t per annum.

·    Jubilee in-house Technical Services team continuing to progress with the research and development program to unlock the value of copper contained in historical processed tailings in Zambia.

The creation of a Zambia Board will facilitate efficient allocation of capital investment, management's focus on strategic growth areas, and improvement of the Zambian Operation's ability to manage risks, identify opportunities and strengthen operational resilience.

The Zambia Board includes representation from Jubilee's StratCo to guide in the specific jurisdictional and industry dynamics of Zambia, providing experienced strategic direction to support the Zambian Operations.

The Zambian Board will comprise the following members:

·    Chairperson: Leon Coetzer, Chief Executive Officer of Jubilee, ensuring overarching leadership and strategic alignment

·    Managing Director: Ricus Grimbeek

·    Executive director: Neal Reynolds, Chief Financial Officer of Jubilee

·    Non-executive director: Mr Muna Hantuba, a representative from Jubilee's local Zambian partnership

Jubilee Strategic Committee (StratCo)

The members of the StratCo, comprising the Jubilee CEO, Leon Coetzer, the two managing directors of the SA and Zambian Operations Bertus van der Merwe and Ricus Grimbeek respectively, the Jubilee Chief Financial Officer, Neal Reynolds, and the Jubilee Chief Strategy Officer, Pedja Kovacevic, remains unchanged.

Changes to the Jubilee Metals Group board

Dr Evan Kirby will step down as technical director of Jubilee, effective 31 March 2024. Dr Kirby will instead provide direct technical insight and support to the Jubilee Technical Services Division.  

With the resignation of Dr Phosa as chairperson of REMCO, Jubilee's non-executive chairperson, Ollie Oliveira, currently a member of the committee will temporarily be appointed as the new chairperson of REMCO, pending the appointment of an additional independent non-executive director who would also take up membership of this committee.

Statement from Ollie Oliveira, Jubilee Chairperson:

"On behalf of Jubilee, I would like to extend our thanks to Dr Kirby for his services and valued contributions during his tenure as Technical Director. We look forward to continuing our relationship and benefiting from his expertise as he transitions to a technical advisory and support role at Jubilee."

6 March 2024


For further information, visit, follow Jubilee on Twitter (@Jubilee_Metals) or contact:

Jubilee Metals Group PLC 

Leon Coetzer (CEO)/Neal Reynolds (CFO)

Tel: +27 (0) 11 465 1913 


Nominated adviser - SPARK Advisory Partners Limited 

Andrew Emmott/James Keeshan 

Tel: +44 (0) 20 3368 3555 


Public Relations and Investor Relations adviser - Tavistock 

Jos Simson/Gareth Tredway

Tel: +44 (0) 20 7920 3150 


Joint broker - Berenberg 

Matthew Armitt/Jennifer Lee/Detlir Elezi 

Tel: +44 (0) 20 3207 7800 


Joint broker - WHIreland 

Harry Ansell/Katy Mitchell  

Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618 


JSE sponsor - Questco Corporate Advisory Proprietary Limited 

Alison McLaren

Tel: +27 (0) 11 011 9207


About Jubilee


Jubilee is a low-cost, diversified producer, specialising in the recovery and processing of metals from previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials and tailings in Zambia and South Africa. The Company's low-capex, modular processing facilities are deployed close to these various types of material, producing high grade concentrates for sale or further refining to finished metal at the Company's downstream facilities. Production currently consists of copper, chrome, and platinum group metals (PGMs). The modular processing facilities offer a platform for growth and the rapid expansion of Jubilee's operational footprint in Zambia and South Africa. Jubilee's success is derived from operational and technical excellence, a highly experienced management team and a pioneering Technical Development Centre.


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